Word: deficit
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Dates: during 1960-1969
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...more spending than ever. It had more of almost everything than the current budget-including red ink. Total expenditures: $98.8 billion, up some $4.5 billion from the current fiscal year, and $500 million more than the Government paid out in the peak spending year of World War II. Indicated deficit: $11.9 billion. Only a fraction of that deficit is attributable to the tax cuts that the President called for in his State of the Union message delivered earlier last week. Assuming that tax reduction would stimulate the economy, the Administration calculates the "net revenue loss" during fiscal...
...Chilling Effect." As if the stated figures were not bad enough, most Congressmen recognized that Presidents are traditionally and notoriously overoptimistic in estimating the size of budget deficits. Missouri's Cannon complained on the floor of the House that over the past nine years the Administration budgetmakers have underestimated the red ink by a net total of $37.5 billion. "They were feasting on the delights of sweet anticipation," growled Cannon. "But now we are gnawing on the cold corncob of stern reality." For example, only a year ago Kennedy submitted a 1963 budget indicating a surplus of $500 million...
Assuming that Congress accepts Kennedy's budget and that the budget does no worse than its proposed deficit, that would mean that the Administration would run up the national debt by $27 billion in just three years. The debt would then total nearly $316 billion-a figure which should give pause even to the most enthusiastic proponents of "more." In addition, the very size of Kennedy's gargantuan budget has probably thrown a damper on any psychological lift that the economy might be expected to get from tax cuts and tax reform...
...report-which clearly reflects the thinking of Walter W. Heller, chairman of the President's Council of Economic Advisers-Kennedy insisted there is no alternative to a huge budget deficit in fiscal 1964. "Our choice is not the oversimplified one sometimes posed, between tax reduction and a deficit on one hand and a budget easily balanced by prudent management on the other. We have been sliding into one deficit after another through repeated recessions and persistent slack in our economy. If we were to try to force budget balance by drastic cuts in expenditures-necessarily at the expense...
Strength or Weakness. So, as Kennedy sees it, "Our practical choice is not between deficit and surplus but between two kinds of deficits: between deficits born of waste and weakness and deficits incurred as we build our future strength. If an individual spends frivolously beyond his means today and borrows beyond his prospects for earning tomorrow, this is a sign of weakness. But if he borrows prudently to invest in a machine that boosts his business profits . . . this can be a source of strength...